Corporation Tax
Rate %
Rate %
Year to 31.3.23
19
Year to 31.3.22
19
Different rates apply for ring-fenced (broadly oil industry) profit. Capital Allowances
Corporation tax super-deduction on certain plant and machinery until 31 March 2023
130%
First Year Allowance (FYA) on certain plant, machinery and cars of 0g/km Corporation tax FYA on long-life assets, integral features of buildings, etc. until 31 March 2023 Annual Investment Allowance £1,000,000 (£200,000 from 1 April 2023) Excludes cars Writing Down Allowance Long-life assets, integral features of buildings, cars over 50g/km
100%
50%
6%
18%
Other plant and machinery
3%
Structures and Buildings Allowance
Pensions
2022/23 £1,073,100
2021/22
Lifetime Allowance limit Annual Allowance limit
£1,073,100
£40,000 £4,000
£40,000 £4,000
Money Purchase Annual Allowance
Value Added Tax
From 1.4.22
From 1.4.21
Standard rate Reduced rate
20%
20% 5% *
5%
Annual Registration Limit Annual Deregistration Limit
£85,000 £83,000
£85,000
£83,000 * 12.5% for hospitality and tourism from 1 October 2021 - 31 March 2022.
Disclaimer: Rates are for guidance only. No responsibility for loss occasioned by any person acting/ refraining from action as a result of this information can be accepted by the authors or firm.
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